How to Value Donated Tangible Property
It is important for nonprofits to determine the fair market value of donated items for financial reporting purposes.
Executives, boards of education, and audit committees seek ways to drive greater efficiencies and the assurance that internal controls and processes are effective. At the same time, technological advances may expose your entity to additional risks to your security, data integrity, and even business continuity. When was the last time you looked at your internal audit function? An effective internal audit process can identify inefficient practices, internal fraud, and mitigate risks that can interfere with the efficiency of your operations.
Typically, internal audits address risk governance, controls, and compliance. The process must be aligned with your goals with input from all levels of the organization. When you’re busy with day-to-day operations, it can become difficult to spot opportunities for improvement. Smaller entities do not have the internal resources to conduct regularly scheduled internal audits.
At Lumsden McCormick, we are accustomed to helping entities of all sizes mitigate risk through a proven internal audit process. Our Internal Audit Team will perform a comprehensive assessment of your risk environment, incorporating existing controls, while recommending new controls deemed appropriate to mitigate any gaps in your internal controls.
We work proactively with you to conduct effective risk assessments and then prioritize risks from high to low. Next, we develop test controls to address the greatest risks. We’ll work collaboratively with your management team in the reporting stage to ensure that the issues uncovered during the assessment are being addressed appropriately.
In addition to the steps outlined above, our Internal Audit Team offers:
As risk increases, it is increasingly important to ensure that internal controls are operating effectively. Choosing an independent auditor with the skilled resources and practical experience to oversee the process can go a long way in creating a sustainable control environment.
For more information about Lumsden McCormick Internal Audit Consulting Services, please contact Sara M. Dayton or complete the form below.